Obama Aims To Close 'Tax Loophole' On PE Profits

Law360, New York (February 13, 2012, 5:05 PM EST) -- President Barack Obama said Monday that he is aiming to trim $13.5 billion from the federal budget shortfall over the next 10 years by doing away with the capital gains tax rate for carried interest, a move that will likely ruffle feathers in the private equity community.

The plan to tax carried interest — the share of profits that private equity and hedge funds usually collect — as regular income instead of at the much lower 15 percent long-term capital gains rate was part of the...
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